Introduction
Under the RM2 billion stimulus package announced on February 27, the BNM’s SRF aims to alleviate the short-term cash flow problems faced by the SMEs due to the outbreak.
On 27.03.2020, PM8 announced another additional RM3 billion and lower rate of 3.5% (including 0.5% CGC fee)
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What is SRF?
Special Relief Facility for SMEs affected by COVID-19
* As Working Capital
* In the form of TERM LOAN
* Repayment start at 7th Month (first 6 months no need to pay installment or interest)
* Tenure up to 60 months (total 66 months including first 6 months)
* Financing Rate is 3.50% (inclusive of CGC Fee)
* Up to RM1 million per SME
Where can SME apply ?
Most of the commercial Banks.
1. Public Bank
- Click to apply >> https://www.pbebank.com/srf
2. CIMB Bank
Click HERE to WhatsApp to Nicholas if your company has Banking Account with CIMB
3. Hong Leong Bank
- By email HLonline@hlbb.hongleong.com.my
4. Maybank
- Click to find out more https://www.maybank2u.com.my/maybank2u/malaysia/en/business/financing/working_capital/business/special-relief-facility.page
Requirements ?
1. Malaysia SME business, as defined by SME Corporation Malaysia.
2. Shareholders' fund not more than RM5 million
3. Shareholding by PLC or GLC not more than 20%
4. Shareholding by Malaysian must be more than 51%
5. Documents required, including but not limited to, varies from Bank to Bank
- Copy of NRIC of the Directors/Shareholders
- SSM Documents
Talk to your Accountants if you need assistance on preparing Loan Application Documents.
Click to WhatsApp Chong Accounting
Reference:
1. Malay Mail - Feb 2020 https://www.malaymail.com/news/money/2020/03/18/hong-leong-to-assist-smes-via-bank-negaras-special-relief-facility/1847799
2. SME Bank - March 2020 https://www.malaymail.com/news/money/2020/03/16/sme-bank-offers-special-relief-fund-for-covid-19/1847147
3. SME - Are you waiting for help from government http://www.chongaccounting.com/post/sme-are-you-waiting-for-help-assistance-from-government
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